Question
In: Finance
The 2017 financial statements of Lowell Company report total revenues of $2,000 million, accounts receivable of...
The 2017 financial statements of Lowell Company report total revenues of $2,000 million, accounts receivable of $100 million for 2016 and $110 million for 2017. The company's accounts receivable turnover for the year is: A. 16 days B. 19 times C. 19 days D. 16 times E. None of the above
Solutions
Expert Solution
B. 19 times
| Account receivable turnover ratio | = | Net revenues/Average account receivable | ||||||||
| = | $ 2,000 | / | $ 105 | |||||||
| = | 19 | times | ||||||||
| Account receivable turnover ratio tells that how many times account receivable is collected in the year. | ||||||||||
| Working: | ||||||||||
| Millions | ||||||||||
| Accounts receivable for 2016 | a | $ 100 | ||||||||
| Accounts receivable for 2017 | b | $ 110 | ||||||||
| Total | c=a+b | $ 210 | ||||||||
| Average | d=c/2 | $ 105 | ||||||||
jeff jeffy answered 2 years agoRelated Solutions
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Salaries Payable
650
Cash
22,340
Net sales
111,760
Dividends
6,000
Transportation-In
375
Income Tax Expense
1,450
Utilities Expense
1,800
Income Tax Payable
1,450
Wages and Salaries Expense
23,000
Inventory:
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120
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5,900
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90,000
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242,000
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180,000
oper
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80,000
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20,000
4,000
Intangibles
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Total Assets
49,000
220,270
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8,080
Salary Payable
6,000
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Notes Payable
3,000
3,000
Total Current Liabilities
17,000
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40,000
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2016
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2017 financial report of Wesfarmers on its website,
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